Dada Nexus Limited (NASDAQ: DADA) American Depositary Shares

Join This Class Action

NEW YORK, NY –  January 22, 2024 – Wolf Haldenstein Adler Freeman & Herz LLP  (“Wolf   Haldenstein”) reminds investors that a federal securities class action has been filed class on behalf of all persons and entities that purchased or otherwise acquired American Depositary Shares (“ADS’s”) of Dada Nexus Limited (NASDAQ: DADA) between May 11, 2023 and January 8, 2024, both dates inclusive (the “Class Period”). 

All investors who purchased shares and incurred losses are advised  to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. 

If you have incurred losses, you may, no later than March 11, 2024, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

According to the filed complaint, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that:

  • Dada revenues from online advertising, marketing services, and operations and support costs were materially overstated;
  • as a result, Dada would need to conduct an independent review to ascertain the financial impact and the scope of suspicious practices that led to overstated revenues and costs; and
  • as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On December 19, 2023, the Company announced that the Chairman of the Board Lijun Xin would be stepping down immediately due to personal reasons.

On January 8, 2024, before the market opened, Dada announced identification of “certain suspicious practices … that may cast doubt on certain revenues from the Company’s online advertising and marketing services in 2023.”  Accordingly, the Company estimated “that approximately RMB500 million of revenues from online advertising and marketing services and RMB500 million of operations and support costs may have been overstated, respectively, for the first three quarters of 2023.”  The Company also announced that the revenue guidance provided by the Company for the fourth quarter and full year 2023 should no longer be relied upon.

On this news, the price of Dada’s ADS’s fell $1.45 per share or 45.87% to close at $2.01 per share on January 8, 2024.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas, and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.

Contact: 

Wolf Haldenstein Adler Freeman & Herz LLP

Gregory Stone, Director of Case and Financial Analysis

Email: gstone@whafh.com or classmember@whafh.com

Tel: (800) 575-0735 or (212) 545-4774

 


Certification and Authorization Pursuant to Federal Securities Laws

  • The individual or entity listed below requests Wolf Haldenstein Adler Freeman & Herz LLP to file an action or motion for appointment as lead plaintiff and lead counsel under the federal securities laws to recover damages and to seek other relief against Dada Nexus Limited (NASDAQ: DADA) American Depositary Shares. Wolf Haldenstein Adler Freeman & Herz LLP will not do so until you complete a retainer agreement authorizing us to prosecute the action on a contingent fee basis.

  • I, individually or on behalf of the entity I represent ("I"), hereby certify as follows:

    1. I have reviewed the complaint and authorize the filing of a lead plaintiff motion or action on my behalf.
    2. I did not acquire the security that is the subject of this action at the direction of the Firm or in order to participate in this private action or any other litigation under the federal securities laws.
    3. I am willing to serve as a representative party on behalf of a class, including providing testimony at deposition and trial, if necessary.
    4. I represent and warrant that I am fully authorized to enter into and execute this certification.
    5. I will not accept any payment for serving as a representative party on behalf of the class beyond my pro rata share of any recovery, except such reasonable costs and expenses (including lost wages) directly relating to the representation of the class as ordered or approved by the court.
    6. I have made no transaction(s) during the Class Period in the debt or equity securities that are the subject of this action except those set forth below:
  • Type of SecurityBuy Date (mm/dd/yy)# of SharesPrice per Share 
  • Type of SecuritySell Date (mm/dd/yy)# of SharesPrice per Share 
  • Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

Date of signing: 02/22/2024